Lessons From Experience: Fools GoldThe story that you are about to read is from actual events that occurred inthe field. Its purpose is to provide you with a real-world example from aseasoned professional in the business world.Fools GoldI served as a project associate for a technology consulting firm based in NewYork. During my first project management assignment, I made what couldhave been a career-ending mistake. While working on the project budget, Iassessed all of the organization’s internal resources, also known as anorganizational process asset evaluation. I was trying to figure out what typesof resources exist in the company that I could use in the project, whichmeant savings to my procurement budget.I identified office materials that I needed, the software to support my workpackages, and other technology equipment that I would eventually require. Icreated a list of internal resources and reflected them as savings in mybudget breakdown. From there, I identified all of the materials and servicesthat I would need to procure outside of the company and the associated costbreakdown. The project manager was very happy with my findings and costsavings to his budget.During the first phase of the project, I quickly realized I my mistake. Severalof the important materials and technology equipment that I had listed asinternal organizational process assets were no longer available. Many of theresources I had listed were already allocated to other projects in thecompany. I did not follow proper procurement procedure and protocol, whichwould have alerted me that these resources were already cleared for otherprojects. I did not have enough money in my budget to purchase theseresources because I had listed it as cost savings that did not require anyprocurement. The project manager had to step in and negotiate for theseresources to get reallocated to our project and free up our contingencybudget (emergency fund) to cover the cost of the additional resources weneeded. Although I was lucky to keep my job, my contract did not getrenewed once the project was complete.It is important to take away the following from this scenario: Fully understand your company’s internal processes, protocols, andLessons From Experience: Fool’s Gold2procedures. Do not assume that internal resources and materials will be availablewithout asking.
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